Nestle to sell insurance unit for $1.55 bn

Geneva : Nestle said Monday that it had agreed to sell its Gerber Life Insurance unit for $1.55 billion (1.3 billion euros), in the company’s latest bid to redouble its focus on food and beverage. The Switzerland-based food giant said the deal with Western & Southern Financial Group does not affect the iconic Gerber baby food unit, which Nestle will continue to control.

“This move is part of the ongoing evolution of our portfolio. It will allow us to invest further in our core food and beverage business and in consumer healthcare,” Nestle’s chief executive Mark Schneider said in a statement. Nestle made a series of moves recently to more tightly focus its operations, with health food products and coffee emerging as key priorities. Nestle said it was exploring options to sell Gerber insurance business.